EPOL vs. CEMU.AS
EPOL (iShares MSCI Poland ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - EPOL tracks the MSCI Poland Investable Market Index while CEMU.AS tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, EPOL returned 11.52%/yr vs 10.28%/yr for CEMU.AS. A 0.55 correlation means they provide meaningful diversification when combined. EPOL charges 0.61%/yr vs 0.12%/yr for CEMU.AS.
Performance
EPOL vs. CEMU.AS - Performance Comparison
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Different Trading Currencies
EPOL is traded in USD, while CEMU.AS is traded in EUR. To make them comparable, the CEMU.AS values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EPOL achieves a 11.99% return, which is significantly higher than CEMU.AS's 7.43% return. Over the past 10 years, EPOL has outperformed CEMU.AS with an annualized return of 11.52%, while CEMU.AS has yielded a comparatively lower 10.28% annualized return.
EPOL
- 1D
- 1.31%
- 1M
- 0.97%
- YTD
- 11.99%
- 6M
- 21.57%
- 1Y
- 40.69%
- 3Y*
- 34.12%
- 5Y*
- 15.89%
- 10Y*
- 11.52%
CEMU.AS
- 1D
- 0.71%
- 1M
- 2.27%
- YTD
- 7.43%
- 6M
- 10.27%
- 1Y
- 19.70%
- 3Y*
- 19.28%
- 5Y*
- 9.59%
- 10Y*
- 10.28%
EPOL vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPOL iShares MSCI Poland ETF | 11.99% | 77.34% | -2.61% | 50.70% | -24.62% | 12.21% | -8.38% | -6.13% | -13.76% | 52.43% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 7.43% | 41.13% | 3.27% | 22.39% | -17.01% | 14.73% | 8.27% | 22.65% | -15.93% | 28.59% |
Correlation
The correlation between EPOL and CEMU.AS is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | 0.55 |
The correlation between EPOL and CEMU.AS has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.
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Return for Risk
EPOL vs. CEMU.AS — Risk / Return Rank
EPOL
CEMU.AS
EPOL vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland ETF (EPOL) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| EPOL | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.22 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 1.61 | +2.10 |
| Martin ratioReturn relative to average drawdown | 10.10 | 5.72 | +4.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EPOL | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.75 | 1.21 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.48 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.52 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.41 | -0.20 |
Drawdowns
EPOL vs. CEMU.AS - Drawdown Comparison
The maximum EPOL drawdown since its inception was -63.72%, which is greater than CEMU.AS's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for EPOL and CEMU.AS.
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Drawdown Indicators
| EPOL | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.72% | -40.14% | -23.58% |
Max Drawdown (1Y)Largest decline over 1 year | -11.04% | -12.28% | +1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -21.81% | -15.10% | -6.71% |
Max Drawdown (5Y)Largest decline over 5 years | -54.21% | -35.94% | -18.27% |
Max Drawdown (10Y)Largest decline over 10 years | -61.41% | -40.14% | -21.27% |
Current DrawdownCurrent decline from peak | -3.03% | -0.83% | -2.20% |
Average DrawdownAverage peak-to-trough decline | -26.88% | -8.32% | -18.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 3.47% | +0.57% |
Volatility
EPOL vs. CEMU.AS - Volatility Comparison
iShares MSCI Poland ETF (EPOL) has a higher volatility of 7.44% compared to iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) at 5.10%. This indicates that EPOL's price experiences larger fluctuations and is considered to be riskier than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EPOL | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 5.10% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 17.80% | 13.64% | +4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.40% | 16.36% | +7.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.11% | 19.55% | +9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.66% | 19.46% | +8.20% |
EPOL vs. CEMU.AS - Expense Ratio Comparison
EPOL has a 0.61% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio.
Dividends
EPOL vs. CEMU.AS - Dividend Comparison
EPOL's dividend yield for the trailing twelve months is around 4.27%, while CEMU.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EPOL iShares MSCI Poland ETF | 4.27% | 4.78% | 6.04% | 2.87% | 2.65% | 1.33% | 1.44% | 2.51% | 1.44% | 1.88% | 2.14% | 2.53% |
Frequently Asked Questions
EPOL and CEMU.AS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.61% for EPOL.
EPOL tracks MSCI Poland Investable Market Index, while CEMU.AS tracks MSCI EMU NR EUR. Their fees differ too: 0.61% for EPOL and 0.12% for CEMU.AS.
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